The men, aged 29, 42 and two aged 39, have been arrested under the Terrorism Act and taken to the Serious Crime Suite at Musgrave Police Station for questioning.
A number of items were seized and have been taken away for further examination.
The incident involving at least 12 masked men who had gathered in Ardfoyle, just off Bishop Street, was reported to police just before 9pm on Friday 21 May.
Police subsequently became aware of video footage circulating on social media showing masked men firing shots into the air.
Derry police commander Chief Supt Darren Jones described the incident as a “brazen show of strength”.Tags: